4 / 9
Kuwait Energy
Kuwait Energy Plc, Queensway House, Hilgrove Street, St Helier, Jersey JEI 1ES, Channel Islands
professional and regulatory requirements and the relationship with the auditor as a
whole, including the provision of any non-audit services;
(vi)
to satisfy itself that there are no relationships (such as family, employment,
investment, financial or business) between the auditor and the group (other than in
the ordinary course of business);
(vii)
to agree with the board a policy on the employment of former employees of the
Company’s auditor, then monitor the implementation of this policy;
(viii)
to monitor the auditor’s compliance with relevant ethical and professional guidance
on the rotation of audit partner, the level of fees paid by the Company compared to
the overall fee income of the firm, office and partner and other related requirements;
(ix)
to assess annually the qualifications, expertise and resources of the auditor and the
effectiveness of the audit process, which shall include a report from the external
auditor on their own internal quality procedures;
(x)
to seek to ensure co-ordination with the activities of the internal audit function;
(xi)
to develop and implement a policy on the provision of non-audit services by the
external auditor, taking into account relevant ethical guidance; and to report to the
board identifying any matters in respect of which it considers that action or
improvement is needed and make recommendations as to the steps to be taken (so as
to ensure that the provision of such services does not impair the external auditor’s
independence and objectivity);
(xii)
to consider the auditors’ work plan for the annual and any interim audit and
proposed resources in light of the scope of the audit;
(xiii)
to monitor the planned programme of audits and to ascertain the reason for any
change or delay in the programme;
(xiv)
to review with the external auditors (in the absence of management if necessary), the
results of their work in conducting the annual and any interim audit, including:
(A)
any major issues that arose during the course of the audit;
(B)
key accounting and audit judgements;
(C)
levels of errors identified during the audit, obtaining explanations from
management and, where necessary, the external auditors as to why certain
errors might remain unadjusted; and
(D)
any reservations that the external auditors may have and other matters that
they wish to raise;
(xv)
to review the audit representation letters before signature by management, giving
particular consideration to matters where representation has been requested that
relates to non-standard issues;
(xvi)
to review the external auditors’ management letter and management’s response;